Bangkok--11 Nov--Glow Energy
For the first 9 months of 2016, Glow Group ("Glow") has posted:
- Consolidated total revenue of THB 41,190 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 14,933 million,
- Net Profit of THB 7,751 million, and
- Normalized Net Profit ("NNP") (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Finance lease accounting)of THB 7,842 million.
EBITDA and NNP for the first 9 months of 2016 decreased by 6.3% and 1.2% respectively from the same period of2015.
For the third quarter of 2016, Glow Group ("Glow") has posted:
- Consolidated total revenue of THB 13,063 million,
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 4,566 million,
- Net Profit of THB 2,225 million, and
- Normalized Net Profit ("NNP") (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Finance lease accounting) of THB 2,327 million.
Solid 9-months results
Brendan Wauters, CEO of Glow, commented: "Financial results of Glow Group for the first 9 months continued to be robust. Demand from our industrial customers remained strong. The Ft was kept unchanged for the period September to December 2016, and gas prices also remained in line with the (low) levels observed in the previous quarter. On the IPP side of our business, our units achieved excellent levels of availability. If one eliminates the non-recurring "other income" items from our 2015 results, then our Normalized Net Profit for the first 9 months of2016 is actually 7% higher than last year."
Investment in a Waste-To-Energy plant
Brendan Wauters commented further: "We are pleased to announce that, together with our partners WHA and Suez, we have been awarded a PPA for a 9 MW (gross) Waste-to-Energy plant. This facility will be located in Chonburi province, and is expected to come on line in late 2019. It will sell its output under a 20-year VSPP PPA with PEA as the off-taker. Greenfield development of carbon-light technologies is one of Glow's core strategic axes. Waste-To-Energy is the renewable technology which, under Thailand's Power Development Plan 2015-2036, has been given the highest priority. We are highly committed to delivering an environmentally friendly Waste-to-Energy solution."